Madoff Trustee still going after big banks

The trustee seeking to recover money for the victims of Bernard Madoff’s Ponzi scheme asked the Supreme Court on Wednesday to review a ruling that prohibits him from suing several of the world’s largest banks that he contends aided the fraud.

The New York Times reports that in June, a federal appeals court in Manhattan decided that the trustee, Irving H. Picard, did not have standing to sue JPMorgan Chase, UBS, HSBC and UniCredit Bank Austria on claims that they abetted the multibillion-dollar fraud, which lasted decades.

That opinion upheld a lower-court ruling by Judge Jed S. Rakoff of Federal District Court in Manhattan.

On Wednesday, lawyers for Picard filed a petition to the Supreme Court requesting that it hear an appeal of the case.

'Bernard L. Madoff did not act alone', Picard’s lawyers said. The scheme 'could not have persisted for so long, or defrauded so many of so much, without a network of financial institutions, feeder funds and individuals who participated in his fraud or acquiesced in it - just like any large-scale financial fraud'.

To access the complete New York Times article hit the link below

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image: © Lisamarie Babik

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